TNT – “Tidbits From TNT” Friday 12-1-2023


Tishwash:  Iraqi Cabinet pushes for State Contracts in Dinars

As part of financial and economic reforms, the Iraqi Cabinet has endorsed recommendations to conduct all state contracts within Iraq in Iraqi dinars.

There will be exceptions for ongoing external grants, loans, and agreements, and new contracts involving foreign grants, loans, and agreements may adhere to agreed-upon foreign currency terms, as specified in the Ministry of Finance’s April 27, 2023 circular.

Additionally, beneficiaries can open documentary credits for importing project materials and transfer foreign currency for salaries, wages, and company dues, subject to Central Bank of Iraq (CBI) controls.  link

Tishwash:  Under the name “Million Will and Determination”… Iraqi employees go out in a demonstration

 The Supreme Coordination Committee for Iraqi employees announced today, Friday, a million-man demonstration next Saturday.

A statement issued by the committee, a copy of which was received by NRT Arabic, said: “The Supreme Coordination Committee sent an appeal to all Iraqi employees and decided to hold million-man demonstrations under the name (Millions of Will and Determination) at one time under zero hour on Saturday, the second of December, at nine in the morning.” To  demand a change in the salary scale.

The statement indicated, “The demonstrations will take place in front of the governorate building, and the committee also called on all employees to bring Iraqi flags with them, and to commit to complete peacefulness and not come into contact with the security forces.” link


CandyKisses:  New country joins OPEC Plus alliance

Baghdad Today – Follow-up

The OPEC+ alliance announced Brazil’s access to the oil alliance starting in January 2024, according to a statement issued on Thursday by the 36th OPEC ministerial meeting of oil exporting countries and their allies.

Oil markets have been waiting over the past few weeks to learn about the outcome of the meeting of the ministerial follow-up committee of the “OPEC+” alliance, which was postponed for four days and held virtually today, especially after oil prices lost nearly 15 % of their peak reached in September. September.

Saudi Crown Prince Mohammed bin Salman received on Wednesday in the capital Riyadh, President of the Federative Republic of Brazil Luiz Inácio Lula da Silva, where they reviewed bilateral relations, enhanced joint cooperation, discussed investment opportunities, as well as regional and international developments, according to the Saudi Press Agency.

OPEC+ delegates earlier said Brazil was ready to join the alliance, but a Brazilian official said it was still studying the benefits. The move would draw one of the most important new oil sources affecting global supply growth to the coalition, which is tightening production restrictions.

According to S&P Global data, Brazil’s oil production is about 3.2 million barrels per day, and its exports averaged 1.8 million barrels per day in the third quarter of this year, an increase of 40% from the same period in 2022. Higher-than- Expected production growth in Brazil and the United States is helping lift global supply by 1.7 million bpd this year to a record high, according to the International Energy Agency.


Tishwash:  Economist: The government is required to shift to a flexible economy by encouraging investment and protecting investors from extortion

 Economic expert Saleh Al-Hamashi called on the government to shift to a flexible economy by encouraging investment and protecting investors from government blackmail and others.

He said in a statement to the National Iraqi News Agency ( NINA ): “The global economic conditions are fluctuating, global growth is slowing down, the region is suffering from major political and security crises, events are accelerating, and the possibilities are many, and all of these events are casting a shadow on the region’s economies.”

 Al-Hamashi added: “Iraq already suffers from the problem of the rentier economy, which by its nature is inflexible in the face of economic, political and security fluctuations, as it turns the state into a financial one and leaves it out of the general economy.”

 He pointed out: “Iraq today has benefited from the rise in global oil prices, but has been affected by the rise in global prices for foodstuffs. All commodities have also risen globally, and the government is unable to address or compensate for the shortage locally because the Iraqi economy has become a hostage of regional and global economies.”

Al-Hamashi expressed his belief that the impact has become direct on the Iraqi economy in all economic developments, calling on the government to develop a plan to transform into a flexible economy capable of facing all changes by encouraging investment and protecting investors from governmental and non-governmental blackmail, as well as activating the role of banks in moving the wheel of the economy. By providing cash liquidity and easy movement of funds.”  link